If the deal goes through, the Chinese will own Sweden’s car industry bar Koenigsegg as Volvo was sold to Geely in 2009 – admittedly at the much higher price of US$2 billion dollars than the €100 million (US$141.7 million) Pang Da and Youngman are willing to pay for acquiring 100% of Saab Automobile and Saab GB shares.
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In this latest chapter, Saab's parent company Swedish Automobile NV [Swan] said that it is “in intense final negotiations” with investors in order to secure its financing and, thus, avoid bankruptcy.
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Yet the two Chinese companies that provided only part of the €70 million (US$ 95.4 million) loan and which recently offered to buy 100% of Saab’s shares, say that the €240 million (US$340 million) July agreement is still on the table.
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The Chinese companies were supposed to provide a bridge loan to help Saab proceed with the restructuring plan approved by the Swedish court. Ten days ago, the Swedish company announced that it received the first installment with the next expected on October 22.
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This morning, Saab's parent company Swedish Automobile N.V. (Swan) said it has accepted new funding from U.S. private-equity group North Street Capital, which is interested in Spyker.
The equity firm is paying US$10 million for 2.39 million new shares Swan while also providing a further US$60 million as a loan that will be "collateralized by a first lien on certain assets of Saab Automobile as well as a second lien on the collateral as pledged to NDO".
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Swedish Automobile N.V., the owner of Saab, announced on Thursday that it has received the first payment of a €70 million bridging loan from its Chinese partner Youngman, adding that the reorganization is proceeding as planned.
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"Swedish Automobile N.V. (Swan) and Pang Da Automobile Trade Co., Ltd (Pang Da) have taken notice of media reports questioning the validity of the partnership agreements between Swan, Saab Automobile AB (Saab Automobile) and Pang Da after Saab Automobile entered into voluntary reorganization. Swan, Saab Automobile and Pang Da underline that these reports are based on a misunderstanding."Read more »
And the latest chapter may very well turn to be the last. According to the Swedish newspaper Svenska Dagbladet, Guy Lofalk, the administrator appointed by the court to oversee Saab’s implementation of its restructuring plan, is ready to stop the process, remove the company’s protection from its creditors and, effectively, declare the carmaker bankrupt.
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And we say this not because the 9-5 is a bad car, but how can you possibly give a top recommendation (remember, this isn't a comparo but a Consumers Guide) to any vehicle from an automaker that has barely produced a car in the past six months and which recently went under bankruptcy protection and its future is clearly on the line?
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Yesterday we reported that Saab has not yet received the funds promised by Pang Da and Youngman as a bridge loan to keep the Swedish carmaker in business until the deal is approved by Chinese authorities.
Today, Swedish newspaper Dagens Nyheter published an article claiming that another Chinese automaker, Geely Automobile, which bought Volvo from Ford in 2010, is interested in acquiring Saab as well.
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“The money has not come in yet”, Saab spokesperson Eric Geers told Reuters. “We originally thought it would take about two weeks. The process is ongoing, and we will give information as soon as we have the money.”
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In contrast to the District Court, the Court of Appeal agreed that Saab’s plan to secure short-term funding and protection from its creditors conforms to the Swedish Company Reorganization Act.
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That's because today, Saab Automobile AB announced the signing of a technology license agreement with the Swedish Automobile Coöperatief U.A. (SPV) for the non-exclusive rights in Saab’s (appropriately named, as it turns out) Phoenix architecture technology.
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Saab was trying to win some time and complete a deal with Chinese investors. However, the Vänersborg district court ruled that it could not see how the Swedish automaker could secure additional funding to continue its operations.
“It appears unclear if –and if so, when- the relevant Chinese authorities will approve the agreements”, the court said.
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The company’s president, Tim Colbeck, said in an interview with Automotive News that he is optimistic about its future despite the Swedish carmaker’s decision to exclude its North American operations from its restructuring plan.
Read more »Saab’s goal is to secure protection from its creditors while it submits a viable reorganization plan until the Pang Da and Youngman deal, which has been signed off since July, is approved by the Chinese authorities and cash flow is restored. The initial period of court protection will be three months and, if required, can be extended for up to twelve months.
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Now haven’t we’ve heard that before? Only this time, Saab Chairman Victor Muller told Automotive News that he is seriously considering reorganizing the company to protect it from its creditors. And this comes just three days after Saab’s head of technical development, Mats Fagerhag, denied the Swedish public radio’s report that the carmaker is seeking court protection.
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Today, Sweden's public radio (Sveriges Radio) ran a report citing unnamed sources that said Saab's parent company Dutch group Swedish Automobile NV (SWAN) was preparing to apply for court protection from its creditors. If that were to happen, Saab would be placed in a process of corporate restructuring similar to the one it entered in 2009 while GM was in control.
Later in the day, Mats Fägerhag, head of technical development at Swedish Automobile NV told the radio station, "We have not taken any decision to apply for reorganization".
Swedish Automobile NV issued a rather vague statement saying the company is looking to secure funds and is evaluating "all available options" to "secure the continuity of Saab".
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